Mystictraveler Posted June 12, 2016 #1 Share Posted June 12, 2016 File this post in the "for what it's worth" department. We have an international trip coming up on Celebrity so I was exploring our options for obtaining foreign currency ahead of the trip or just making ATM withdrawals in Europe. Our local FX dealer is currently has a spread of about +8 cents if we would buy euros and a -8 cents if we were selling them back. So if the midpoint rate, such as what is reported on xe.com was $1.12 to 1 euro, it was cost us $1.20 to buy a euro. Our bank charges a 1.1% fee on FX transactions on the debit card we use but when I asked, "what FX rate do you apply that against?", they had no clue. But after Googling around, I discovered that both Visa and Mastercard publish their current and historical FX rates on their websites....and they were both midpoint rates such as what you find on xe.com. We have other credit cards which do not charge a fee so will use those whenever possible, but will use the debit card for our ATM withdrawals as it is much cheaper than buying currency ahead of time. Like I said, for what it's worth. Link to comment Share on other sites More sharing options...
Rare roxievegas Posted June 12, 2016 #2 Share Posted June 12, 2016 We got a credit card from Bank that was no fees and exchange rate would be for that day. We were on board for 34 nights and went to 12 different countries. We took euros and $50 worth of each of the other currency, only because we could use the country currency for tips and purchasing Hop on hop off tickets with "cash". We only used credit card three times, in Russia, Finland and Copenhagen. We always tip extra to the room attendents and servers, so we used Euros. We found that everywhere we went, Euros, Dollars and local currency were excepted not that the exchange rate was good for usa dollars, best exchange was for Euros. i had purchased 6 months in advance for $1.09 through the bank. Link to comment Share on other sites More sharing options...
Rare ghstudio Posted June 13, 2016 #3 Share Posted June 13, 2016 You have to be careful that you aren't charged a foreign transaction fee when you use a debit card outside your home country. There are actually three components of credit/debit card charges....one is the exchange rate, the second is a foreign transaction fee charged by your credit card company and the third is a foreign transaction fee charged by your bank. As far as I've been able to determine, there are very few cards that convert at the official rate and charge no fees. Link to comment Share on other sites More sharing options...
Elaine0138 Posted June 13, 2016 #4 Share Posted June 13, 2016 Remember you will need a 4 digit pin number to use ATMs and in most shops for debit and credit cards. Link to comment Share on other sites More sharing options...
Rare roxievegas Posted June 13, 2016 #5 Share Posted June 13, 2016 Remember you will need a 4 digit pin number to use ATMs and in most shops for debit and credit cards. I never had to use the 4 digit pin while in europe, and i never use it usa Link to comment Share on other sites More sharing options...
hrhdhd Posted June 13, 2016 #6 Share Posted June 13, 2016 I never had to use the 4 digit pin while in europe, and i never use it usa So you put your card in an ATM and money just comes out without your entering a PIN? Wow. Link to comment Share on other sites More sharing options...
DrivesLikeMario Posted June 13, 2016 #7 Share Posted June 13, 2016 File this post in the "for what it's worth" department. We have an international trip coming up on Celebrity so I was exploring our options for obtaining foreign currency ahead of the trip or just making ATM withdrawals in Europe. Our local FX dealer is currently has a spread of about +8 cents if we would buy euros and a -8 cents if we were selling them back. So if the midpoint rate, such as what is reported on xe.com was $1.12 to 1 euro, it was cost us $1.20 to buy a euro. Our bank charges a 1.1% fee on FX transactions on the debit card we use but when I asked, "what FX rate do you apply that against?", they had no clue. But after Googling around, I discovered that both Visa and Mastercard publish their current and historical FX rates on their websites....and they were both midpoint rates such as what you find on xe.com. We have other credit cards which do not charge a fee so will use those whenever possible, but will use the debit card for our ATM withdrawals as it is much cheaper than buying currency ahead of time. Like I said, for what it's worth. Yes, for debit cards, you'll pay a fee. For credit cards, I would never pay a foreign transaction fee. There are just way too many cards that don't charge it and their exchange rate is usually excellent and MUCH better than any other exchange rate out there. When in Europe, DO NOT push the button that says, "Would you like to change currency to US Dollars" on the credit card POS machines. Let your bank do that and you'll get a better rate. Link to comment Share on other sites More sharing options...
DrivesLikeMario Posted June 13, 2016 #8 Share Posted June 13, 2016 I never had to use the 4 digit pin while in europe, and i never use it usa I have never heard of that. We were in Europe twice last year in many different countries and always had to enter the 4-digit PIN. Link to comment Share on other sites More sharing options...
Mystictraveler Posted June 14, 2016 Author #9 Share Posted June 14, 2016 Yes, for debit cards, you'll pay a fee. For credit cards, I would never pay a foreign transaction fee. There are just way too many cards that don't charge it and their exchange rate is usually excellent and MUCH better than any other exchange rate out there. When in Europe, DO NOT push the button that says, "Would you like to change currency to US Dollars" on the credit card POS machines. Let your bank do that and you'll get a better rate. Thanks for that tip Mario. Have not used my debit card internationally in awhile so did not recall that button. And it looks like you and I are on the same page on the fees. Regarding the use of PINs, of course you need a PIN at an ATM but not with US credit cards. Our cards are just getting chips but they are chip and signature not chip and pin like the European cards. Link to comment Share on other sites More sharing options...
DrivesLikeMario Posted June 14, 2016 #10 Share Posted June 14, 2016 Yes, we are always so far behind the Europeans when it comes to some technology. :( I remember when I got my British Airways Chase chip & PIN credit card about 5 yrs. ago and everyone thought it was really bizarre in the US. We ran into a few machines last August in Europe that wanted the PIN but not as many as we expected. Link to comment Share on other sites More sharing options...
upwarduk Posted June 14, 2016 #11 Share Posted June 14, 2016 I have just read that for UK customers, euro exchange rates are poor at the moment due to our impending referendum. In fact the lowest since 2008. Link to comment Share on other sites More sharing options...
sollan Posted June 16, 2016 #12 Share Posted June 16, 2016 Yes, we are always so far behind the Europeans when it comes to some technology. :( I remember when I got my British Airways Chase chip & PIN credit card about 5 yrs. ago and everyone thought it was really bizarre in the US. We ran into a few machines last August in Europe that wanted the PIN but not as many as we expected. As a live in Europe I'm very courious where you where able to do this and what card issuer you had? At least in Scandinavian countries and in France (probably most Europeean countries) you can't do this even if your card issuer says you don't need a PIN. In these countries the ATM would just say "Invalid card".... Link to comment Share on other sites More sharing options...
upwarduk Posted June 16, 2016 #13 Share Posted June 16, 2016 I never had to use the 4 digit pin while in europe, and i never use it usa Do you have a contactless card? They are becoming more popular as you just place it on the card reader to pay for purchases, but currently only up to £30. However I read an article which told of fraud- people wandering around with card readers which they were placing close to women's handbags. I soon had my bank change mine back to the traditional chip and pin. Link to comment Share on other sites More sharing options...
Jerzy Traveler Posted June 16, 2016 #14 Share Posted June 16, 2016 Checked with Chase credit card. No foreign transaction card and exchange rate is pretty close to that day's rate. No pin is needed on credit card in Europe but signature is. I have used ATMs in the past. Needed PIN number. Each bank has it's own fees. From experience your best exchange rate for currency is using a bank ATM not a private one. Last year I bought euro on the Reflection using $. The exchange rate was pretty good, better than my bank back home. Link to comment Share on other sites More sharing options...
Jack Staff Posted June 16, 2016 #15 Share Posted June 16, 2016 I have just read that for UK customers, euro exchange rates are poor at the moment due to our impending referendum. In fact the lowest since 2008. Correct and still dropping as investment is shedding a liability and going elsewhere. I do not know what will happen when the referendum result is published ....will the £ go up or down is the question. Link to comment Share on other sites More sharing options...
OBX-Cruisers Posted June 16, 2016 #16 Share Posted June 16, 2016 The link to the site below may be useful to this discussion since not all cards from a given supplier (e.g., Chase) may qualify for the 'no foreign transaction fee" exclusion. This site lists all card suppliers, the cards that have no trans fees and it is very useful as I just found out my Capital One card has to be linked to a Cap. One High Interest rate checking account to have no trans fees. Also, very interested in discussion on Euro exchange rates as I need to get some for our trip to Spain this October. http://www.creditcards.com/credit-card-news/credit-card-foreign-transaction-fees-disappearing-1280.php Link to comment Share on other sites More sharing options...
Mystictraveler Posted June 17, 2016 Author #17 Share Posted June 17, 2016 As a live in Europe I'm very courious where you where able to do this and what card issuer you had?At least in Scandinavian countries and in France (probably most Europeean countries) you can't do this even if your card issuer says you don't need a PIN. In these countries the ATM would just say "Invalid card".... You are correct in that all cash transactions using an ATM would need a PIN whether it be a debit or credit card. However, our US credit cards do not need a PIN if you are just making a purchase...although chip and PIN is a much better way to go...IMHO. Link to comment Share on other sites More sharing options...
blrabbit Posted June 17, 2016 #18 Share Posted June 17, 2016 I have use Chase credit card that have no foreign exchange fee and also a Charles Schwab bank debit card that have no fee @ ATM:D Bob:) Link to comment Share on other sites More sharing options...
DrivesLikeMario Posted June 17, 2016 #19 Share Posted June 17, 2016 Sollan - It's a Chase card as I said and we needed the PIN only occasionally. We were in Switzerland, France, Germany, the Netherlands and England. I can't remember where we needed the PIN but I think it was a couple places in Switzerland. Link to comment Share on other sites More sharing options...
Peteymil Posted June 17, 2016 #20 Share Posted June 17, 2016 Yes, for debit cards, you'll pay a fee. For credit cards, I would never pay a foreign transaction fee. There are just way too many cards that don't charge it and their exchange rate is usually excellent and MUCH better than any other exchange rate out there. When in Europe, DO NOT push the button that says, "Would you like to change currency to US Dollars" on the credit card POS machines. Let your bank do that and you'll get a better rate. I did not know that about changing the currency question? Thank you. Link to comment Share on other sites More sharing options...
Rare Hlitner Posted June 17, 2016 #21 Share Posted June 17, 2016 (edited) So, as frequent travelers in Europe (often on lengthy driving vacations) we have had to cope with the USA credit card issues. We obtain all or our cash in Europe from ATMS....and have 3 different ATM/Debit cards each drawn on a different bank (and account) so we have backups and the ability to get a lot of cash in a single day. At to credit cards, the normal "go to" cards would be the oft recommended CapitalOne MC (no annual fees and zero foreign exchange fees) and the Andrews FCU Global Trek Visa (no annual fees or foreign exchange fees). For those who splurge on an AMEX Platinum card...those also have no foreign exhange fees (but the card does cost $450 per year). The Andrews Global Trek Visa is also a Chip/PIN card that will work in Europe where you need PINs...with one notable exception. And that is on the French toll roads in the Northern half of the country....where they simply refuse to accept any US credit card (even Chip/PIN) because of contractual issues (perhaps they have recently fixed this problem). In the Southern half of France...the toll roads are operated by a different company that did accept the Andrews Global Trek card. The standard US issued cards are nearly all Chip/Signature! These will usually (but not always) be accepted in European establishments. But they are useless when you need to use your card at various ticket vending machines such as in train stations, parking garages, and gas pumps. Hank Edited June 17, 2016 by Hlitner Link to comment Share on other sites More sharing options...
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